Instead, it’s essential that advisors focus on their relationships with wealth creators, with whom their recommendations carry more weight. After assessing the financial potential and scoring the quality of the relationships, advisors can facilitate estate planning by the wealth creators or provide educational programs for the next generation or leverage the strong relationships parents have with some of their children.
Russ Alan Prince is president of R.A. Prince & Associates.
Brett Van Bortel is director of consulting services for Invesco Consulting.